Ottawa’s resale real estate market in October was far hotter than usual for this time of year, the Ottawa Real Estate Board reports.
In October 2020, sales volume in our region was up 34% over the same month last year, and well above average for the month.
In other good news, the number of new listings was also up over October of 2019.
And the average sale price for condo units and residential-class homes in October was up significantly over October of 2019, the Board reported in its monthly summary of sales activity for the Ottawa area.
Members of the Board sold 2,146 residential properties in October through the Board’s Multiple Listing Service (MLS) system. That’s up 34 % from the 1,604 properties that sold in October of last year.
It’s also well above the five-year average for October sales in our region, which is 1,515.
Of the 2,146 properties sold in October, 481 were in the condominium-class category (up 22% from October of last year) and 1,665 were in the residential-class category (up 38% from the number sold in October of 2019).
Even with the colder weather and the uncertainty around COVID, “Ottawa’s resale market continues to hold steady,” said Deb Burgoyne, President of the Ottawa Real Estate Board, adding “the number of sellers choosing to enter the market remains strong.”
The number of new listings on the market, while down slightly from the new listings in September, were well above October of last year.
“With 1,937 residential listings and 708 condo units added to the housing stock in October, this is a 48% and 70% respective increase in new listings over last year at this time,” Deb Burgoyne said.
The average Ottawa sale price for a condominium-class property in October was $368,936. That’s an increase of 16% from the average in October of 2019.
The average sale price for a residential-class property in October was $603,253. That’s up 25% from the average sale price in October of last year.
For the period from January to October of 2020, the average sale price was $579,026 for residential-class properties and $361,666 for condominium-class properties. That’s an increase of 19% for both housing types, the Board reports.
“As the chillier weather and upcoming holiday season approaches, it will be interesting to see how the market calibrates,” Deb Burgoyne says.
While the number of new listings in October was higher than October of last year, the total inventory of residential-class properties in October was still 46% lower than in October of 2019.
That continued the lower than usual inventory we’ve experienced in Ottawa for many months, with residential properties selling quickly and multiple offers common in the city’s most popular neighbourhoods. On the positive side, the number of condo units for sale in October was actually up by 15% from the total in October of 2019.
Deb Burgoyne cautions, with good reason, that it’s difficult to say where sales activity will head in the final few months of what’s been an unpredictable year.
Typically, in the fall, she says, “we start to see a slowdown in home sale activity. Whether that transpires is something we can’t predict, given the topsy turvy year that is 2020. What I can tell you is that this is not the time to navigate the market on your own. There is too much at stake to venture in without the knowledge and guidance of an experienced Realtor.”
As it always does, the Real Estate Board cautions that the average sale price in a given month can be useful in establishing trends over time, but should not be used as an indicator that specific properties have increased or decreased in value. As with all cities, sale prices in Ottawa vary from neighbourhood to neighbourhood.
If you’re considering selling or buying property in the Ottawa area, I’d love to chat with you about market conditions in your area. With more than 30 years of experience as Realtor in Ottawa, I have helped hundreds of clients in a wide range of market conditions.
You can read more about me and view my listings at www.nancybenson.com. Feel free to give me a call, at 613-747-4747.